logo
Share SHARE
FONT-SIZE Plus   Neg

Chesapeake Establishes Office Of Chairman; Names Steven Dixon Acting CEO

Chesapeake Energy Corp. (CHK: Quote) said Friday that its Board of Directors has established a three-person Office of the Chairman while continuing its previously announced CEO search process with the assistance of Heidrick & Struggles.

The Office of the Chairman includes: Archie Dunham, Non-Executive Chairman of the Board; Steven Dixon, who has been named Acting Chief Executive Officer in addition to his continuing role as Chief Operating Officer; and Domenic Dell'Osso Jr., Chief Financial Officer.

As part of Chesapeake's previously announced succession plan, the members of the Office of the Chairman have been working closely to transition oversight of strategic, operational, and financial matters as well as certain day-to-day management responsibilities from Chief Executive Officer Aubrey McClendon, who has previously agreed with the Board to retire on April 1.

Chesapeake has been under scrutiny from federal regulators and investors after McClendon was found to have taken loans of more than $1 billion from private equity firm EIG Global Energy Partners LLC, using his stake in the company's drilling wells that were obtained under a controversial program.

The company, the second-largest natural gas producer in the U.S, has said that its extensive probe of alleged conflicts of interest involving McClendon has not revealed any improper conduct.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Burger chain Shake Shack Inc. said late Thursday that it has priced its initial public offering of 5 million Class A shares at $21 per share, which is above the previously estimated price range of $17 to $19 per share. The shares are expected to begin trading on the New York Stock Exchange on Friday, January 30 under the ticker symbol "SHAK." Google reported a higher fourth-quarter profit, driven by a 15 percent increase in revenues and one-time gains from the sale of Motorola Mobile business, somewhat offset by stock-based compensation expense and foreign exchange losses. Quarterly earnings and revenue missed Wall Street estimates, as ad revenues came under pressure. Online retailer Amazon.com, Inc. said Thursday after the markets closed that its fourth quarter fell 10.5% from last year, as higher expenses more than offset a 15% increase in sales. However, the company's quarterly earnings per share came in well above analysts' expectation, but its quarterly sales fell short of analysts' forecast.
comments powered by Disqus
RELATED NEWS
Trade CHK now with 
Follow RTT